This paper presents a case study of an optimized combination of mine water control, treatment, utilization and reinjection to achieve the zero discharge of mine water. Mine water has been considered a hazard and pollution source during underground mining, so most mining enterprises directly discharge mine water to the surface after simple treatment, resulting in a serious waste of water. Moreover, discharging a large amount of mine water can destroy the original groundwater balance and cause serious environmental problems, such as surface subsidence, water resource reduction and contamination, and adverse impacts on biodiversity. The Zhongguan iron mine is in the major groundwater source area of the Hundred Springs of Xingtai, which is an area with a high risk of potential subsidence. To optimize the balance between mining and groundwater resources, a series of engineering measures was adopted by the Zhongguan iron mine to realize mine water control, treatment, utilization, and reinjection. The installation of a closed grout curtain has greatly reduced the water yield of deep stopes in the mine; the effective sealing efficiency reaches 80%. Nanofiltration membrane separation was adopted to treat the highly mineralized mine water; the quality of the produced water meets China’s recommended class II groundwater standard. Low-grade heat energy from the mine water is collected and utilized through a water-source heat pump system. Finally, zero mine water discharge is realized through mine water reinjection. This research provides a beneficial reference for mines with similar geological and hydrogeological conditions to achieve environmentally sustainable mining.